In the past one week, around 110,000 short-term traders have picked Dogecoin over any other meme coin.
Pepe Unchained ($PEPU) can be referred as the potential memecoin in the near future.
Since 2015, dogecoin has shown 200% surge and 60% retracement and after then a bull run.
According to IntoTheBlock, a real time crypto market intelligence platform Dogecoin is very popular among short term traders. At the same time, other meme coins are not that popular among them.
Memecoins are highly influenced by the activity of short-term traders. In the time frame, the memecoin which will get more hype by short term traders will become more popular.
Ali Martinez, a technical and on-chain analyst of crypto has done his analysis and shared over X that the demand of Dogecoin is following a descending triangle. Supporting his statement, he shared a chart that indicates that since 2015, dogecoin has shown 200% surge and 60% retracement and after then a bull run.
Status of other memecoins
IntoTheBlock has shared a graph over a social media platform, X in which it mentioned that “In the past one week, around 110,000 short-term traders have picked Dogecoin over any other meme coin. If we talk about other memecoins such as Shiba Inu, Degen and Pepe, we get to know that Shiba Inu was a choice of 23,000 short-term traders. Degen holds the same value as Shiba Inu and around 19,000 active short term traders have chosen Pepe”.
It further went on mentioning that “some more memecoins such as Coq Inu, Turbo, Mog Coin and Maga are all choices of only 4000 active short-term traders only.”
Potential “memecoin” in the future
After a rigorous analysis a new memecoin named Pepe Unchained ($PEPU) can be referred as the potential memecoin in the near future. The memecoin is new and different from normal circulating memecoins.
PEPE was introduced to give a tribute to the pepe the frog internet meme. It aims to create a Layer-2 chain for upcoming memecoins. Apart from that, it will make the primary blockchains such as Ethereum faster and cheaper. If we talk about the market capitalization, it stands at about 4 billion and the total supply is about 420.69 T PEPE. 90% of this has so far been locked in the liquidity pools.
Peeping into Dogecoin and its rival
At the press time, Dogecoin was trading at $0.1084 with a total market capitalization of about $15.85 billion. The memecoin is 4.2% up as compared to last day’s data. On October 7, the coin hit $0.10387 and since then it is trading 7% down.
The biggest rival of Dogecoin, Shiba Inu is now trading at $0.00001724 at the time of publication, having a market capitalization of about $10.16 billion. As of October 7, the memecoin is at a decline of about 13.17%.
